Japan Foods Holding Ltd. announces an Equity Buyback for 17,442,600 shares, representing 10% of its issued share capital.
January 18, 2017 at 04:34 am
Share
Japan Foods Holding Ltd. commences share repurchases on January 18, 2017, under the program mandated by the shareholders at the Annual General Meeting held on July 21, 2016. As per the mandate, the company is authorized to repurchase up to 17,442,600 shares, representing 10% of the total number of issued shares. The company will repurchase its shares in the open market on SGX-ST or through off-market operations. In the case of market purchase, the purchase price must not exceed 105% of the average closing price over the last 5 days and in the case of off-market purchase, the price must not exceed 120% of the average closing price over the last 5 days. The shares repurchased will be cancelled or held as treasury shares. The company will fund the repurchase from internal sources of funds or borrowings or a combination of both. The purpose of the repurchase is to increase shareholder value by returning equity to the group. The program will run until the earlier of: the date on which the next Annual General Meeting is held or required by law to be held; the date on which the repurchases are carried out to the full extent mandated; or the date on which the authority conferred by the mandate is revoked or varied by the shareholders in a General Meeting. As of July 21, 2016, the company had 173,936,000 shares in issue.
Japan Foods Holding Ltd. is a Singapore-based investment holding company. The Company's principal business is the operating of restaurants and trading and management of franchisees and sub-franchisees. The Companyâs segments include Restaurant sales and others. In Singapore, the Company operates a chain of approximately 65 restaurants serving authentic Japanese fare under various franchises, as well as self-developed brands. Its franchised brands include AFURI, Ajisen Ramen, Akimitsu, Extra Virgin Pizza, Konjiki Hototogisu, Menya Musashi, Menzo Butao, Nakiryu, New ManLee Bak Kut Teh, Osaka Ohsho, and Yonehachi. In addition, the Company has developed its own brands, including Fruit Paradise, Pizzakaya, Romana Pizza & Pasta, Tokyo Shokudo, Yakiniku Shokudo, Yakiniku Kai, Yakiniku Taro, Godaime, Milan Shokudo, Milan Tei, and others. The Company also has its own production facility located at its central kitchen in Kampong Ampat, Singapore.